Perth’s property market continues to sizzle, with unit prices reaching a significant milestone and house prices maintaining their upward trajectory. Here’s a breakdown of the key trends:
Unit Market Heats Up:
- Milestone Achieved: Perth’s median unit sale price reached $450,000, matching the record set in 2014.
- Year-on-Year Growth: Unit prices saw a substantial 12.5% increase compared to July 2023.
- Demand Drives Prices: Rising demand for affordable units, particularly near the CBD, fuels price growth.
- Top Performers: Suburbs like Balga, Cannington, and Osborne Park witnessed notable growth in median unit prices.
House Market Stays Strong:
- Continued Growth: The median house price climbed further to $675,000, a 2.3% rise from June and a significant 19.5% year-on-year increase.
- Suburb Highlights: Heathridge, Coodanup, and Wannanup experienced some of the highest growth in median house prices.
Quick Sales:
- Record Turnaround: Both houses and units are selling at record pace, with a median time on market of just nine days.
Rental Market Update:
- Stable Rents: Median weekly dwelling and house rents remained steady at $650. Unit rents, however, showed a slight increase to $620.
- Affordability Concerns: Rising rents create challenges for tenants, potentially leading to shared rentals or smaller properties.
- Inventory Increase: The number of properties available for rent is slowly rising, offering some relief for renters.
Overall, Perth’s property market displays strong momentum. Unit prices are recovering, while houses continue their upward trajectory. However, affordability remains a concern for the rental market.
📧 WhatsApp Josh on +61 (0)488038805 or josh@domeproperties.com.au for further information or a confidential discussion regarding buying, selling or renting